Stock Repurchase Plan Approved by Redwood Capital Bancorp (OTCMKTS:RWCB) Board

Redwood Capital Bancorp (OTCMKTS:RWCB) announced that its board has authorized a share repurchase program on Tuesday, July 1st, RTT News reports. The company plans to buyback $1.00 million in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Redwood Capital Bancorp Stock Performance

Redwood Capital Bancorp stock opened at $22.52 on Wednesday. The business has a fifty day moving average of $21.87 and a two-hundred day moving average of $21.87. Redwood Capital Bancorp has a twelve month low of $20.41 and a twelve month high of $23.00.

About Redwood Capital Bancorp

Redwood Capital Bancorp operates as the bank holding company for Redwood Capital Bank that provides various banking products and services to individuals and businesses in California. The company accepts checking, savings, and money market accounts, as well as certificates of deposit. It also offers real estate loans, home equity lines of credit, construction and development loans, term loans for machinery and equipment, and lines of credit for working capital, as well as industrial, agricultural, and personal credits.